Amendment to Performance Shar

RNS Number : 2834U

Marks & Spencer Group PLC

22 June 2009

 



Notification of Amendment to Performance Share Plan Awards to PDMRs - 22 June 2009

The Board of Marks & Spencer today announces changes to the allocation of shares awarded under the Performance Share Plan announced on 11 June 2009. The performance shares were awarded by the Remuneration Committee, which comprises Independent Non-executive Directors. The number of shares awarded was within the terms of the Marks and Spencer Group Performance Share Plan that received shareholder approval in 2005. 

Sir Stuart Rose Chairman said:

'I am committed to ensuring that Marks & Spencer engages in full and constructive dialogue with our shareholders. Following feedback from shareholder representative bodies, Steve Sharp and I have decided to waive our entitlement to 197,484 and 394,967 shares respectively, representing a third of the allocation awarded to us by the Remuneration Committee. 

'The Board of M&S is acutely aware of the Governance issues we face and the importance of good shareholder relations. Our decision today reflects this. '

Sir David Michels, Deputy Chairman, said:

'The Remuneration Committee was disappointed at this unexpected reaction and thanks Steve and Stuart for their decision.'

Revised allocation of Performance Share Plan Awards to PDMRs

Directors	Announced  11 June 2009	Waived  22 June 2009	Total amended 22 June 2009
Sir Stuart Rose	1,184,900	394,967	789,933
Kate Bostock	349,528	-	349,528
Ian Dyson	471,862	-	471,862
Steven Sharp	592,450	197,484	394,966

Note: Under the Performance Share Plan, awards are granted as a conditional allocation, where a participant will receive free ordinary shares in the Company on the vesting of an award subject to continuing employment. The vesting of an award will depend on the Company's adjusted earnings per share ('EPS') performance over a fixed three-year performance period starting on the first day of the financial year in which the awards were granted. For the purposes of this calculation the grant was made at a share price of 286.1p

The above information has been disclosed under DTR 3.1.4 

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